Group 1 - The semiconductor ETF Southern (159325) opened down 0.30% at 1.641 yuan [1] - Major holdings in the semiconductor ETF showed mixed performance, with notable declines in stocks such as Cambrian (-1.09%), SMIC (-1.89%), and GigaDevice (-1.69%), while Tuojing Technology saw a slight increase of 0.02% [1] - The performance benchmark for the semiconductor ETF is the CSI Semiconductor Industry Select Index return, managed by Southern Fund Management Co., Ltd. [1] Group 2 - Since its establishment on October 31, 2024, the fund has achieved a return of 64.93%, but has experienced a decline of 0.24% over the past month [1]

Core Insights - The PCIe interconnect chip industry is experiencing exponential growth due to the increasing demand for high bandwidth, low latency, and multi-device high-speed interconnects, driven by advancements in large model training, inference, and distributed computing [1][7] - The global market size for PCIe interconnect chips is projected to reach $3.109 billion by 2025, with a year-on-year growth of 35.9%, where PCIe Switch accounts for approximately 81.20% and PCIe Retimer for about 18.80% [1][7] Market Overview - High-speed interconnect chips are essential for enabling high-speed data exchange in data centers, servers, and computers, addressing bottlenecks in data transmission amid the continuous upgrade of intelligent computing systems [2] - The PCIe interconnect chip market is categorized into PCIe Retimer and PCIe Switch chips, which are critical components for high-speed data interconnect in data centers and servers [2] Market Policies - China has established strategic goals for the semiconductor industry, promoting self-sufficiency and providing a favorable policy environment for the development of the PCIe interconnect chip industry through various supportive policies [4][5] Industry Chain - The upstream of the PCIe interconnect chip industry includes semiconductor material suppliers, equipment manufacturers, and IP core providers, while the midstream involves design, manufacturing, packaging, and testing [6] - The downstream applications encompass servers, storage devices, network equipment, high-end PCs, consumer electronics, industrial control, and automotive electronics, with servers being the core application market [6] Development Status - The demand for PCIe interconnect chips is significantly driven by the rapid deployment of GPUs and AI chips, with the domestic market projected to reach 5.24 billion yuan by 2025, reflecting a year-on-year growth of 28.6% [7][8] Competitive Landscape - The PCIe interconnect chip industry is characterized by high technical, financial, and ecological barriers, leading to a concentrated market where the top players dominate, with PCIe Retimer CR2 market share reaching 96.9% and PCIe Switch suppliers holding over 90% of the market [9][10] Company Analysis - Lanqi Technology Co., Ltd. is a leading international data processing and interconnect chip design company, with a reported revenue of 4.058 billion yuan in the first nine months of 2025, where PCIe/CXL interconnect chip revenue accounted for 7.56% [10] - Beijing Shudu Information Technology Co., Ltd. focuses on developing high-speed interconnect technology products, aiming to meet core demands in the global computing field [10] Development Trends - Future PCIe interface standards will evolve towards higher transmission rates and multi-functional integration, enhancing data transmission, signal optimization, and power control [12] - Domestic PCIe interconnect chip companies are expected to overcome core technology barriers and gradually penetrate high-end markets, reducing reliance on overseas IP cores [13] - The industry is moving towards a collaborative ecosystem, with leading companies forming alliances to promote technology standards and enhance overall competitiveness [14]

根据本次发行方案，公司同意由整体协调人(代表国际包销商)于2026年2月 10 日悉数行使超额配售权， 按发售价每股 H 股股份106.89 港元发行988.35万股H股股份。前述超额配售权悉数行使后，本次发行的 H 股由6589万 股增加至7577.35万 股。香港联交所已批准该等超额配售股份上市及买卖，预计将于2026 年 2 月 13 日(星期五)上午 9 时开始在香港联交所主板上市及买卖。 格隆汇2月11日丨澜起科技(688008.SH)公布，经香港联交所批准，公司发行的6589万股H 股股票(行使超 额配售权之前)已于 2026 年 2 月 9 日在香港联交所主板挂牌并上市交易。公司 H 股股票中文简称为"澜 起科技"，英文简称为"MONTAGETECH"，股份代号为"6809"。 ...

经香港联合交易所有限公司（以下简称"香港联交所"）批准，澜起科技股 份有限公司（以下简称"公司"） 发行的 65,890,000 股 H 股股票（行使超额配 售权之前）已于 2026 年 2 月 9 日在香港联交所主板挂牌并上市交易（以下简称 "本次发行"）。公司 H 股股票中文简称为"澜起科技"，英文简称为"MONTAGE TECH"，股份代号为"6809"。详见公司于 2026 年 2 月 10 日在上海证券交易 所网站（http://www.sse.com.cn）披露的《关于 H 股挂牌并上市交易的公告》（公 告编号：2026-010）。 根据本次发行方案，公司同意由整体协调人（代表国际包销商）于 2026 年 2 月 10 日悉数行使超额配售权，按发售价每股 H 股股份 106.89 港元（不包括 1% 经纪佣金、0.0027%香港证券及期货事务监察委员会交易征费、0.00565%香港联 交所交易费及 0.00015%香港会计及财务汇报局交易征费）发行 9,883,500 股 H 股 股份。前述超额配售权悉数行使后，本次发行的 H 股由 65,890,000 股增加至 75,773,500 股。香港联 ...

Core Viewpoint - The company, Lanke Technology (688008.SH), expects a significant increase in net profit for the fiscal year 2025, driven by strong demand in the AI industry and a notable rise in the shipment of interconnect chips [1] Financial Performance - The projected net profit attributable to the parent company for 2025 is estimated to be between 2.15 billion and 2.35 billion yuan, representing a year-on-year growth of 52.29% to 66.46% [1] - The net profit excluding non-recurring gains and losses is expected to be between 1.92 billion and 2.12 billion yuan, reflecting a year-on-year increase of 53.81% to 69.83% [1] Industry Trends - The company benefits from the booming AI industry, which has led to a substantial increase in demand for its products [1] - The significant rise in the shipment volume of interconnect chips is a key factor contributing to the company's anticipated growth in operating performance for 2025 [1]

来源：滚动播报 澜起科技在港公告，整体协调人（代表国际承销商）于2026年2月10日悉数行使招股章程所述的超额配 股权，涉及合共9,883,500股H股，占全球发售项下可供认购的发售股份总数（于超额配股权获行使前） 的约15.0%。港交所已批准超额配股权股份上市及买卖。超额配股权股份预期将于2026年2月13日上午 九时正开始在港交所主板上市及买卖。 ...

Group 1 - The company, 澜起科技 (Lianqi Technology), announced that the overall coordinator representing international underwriters fully exercised the over-allotment option on February 10, 2026, involving a total of 9.8835 million H-shares, which accounts for approximately 15.0% of the total shares available for subscription under the global offering before the exercise of the over-allotment option [1] - The H-shares to be issued due to the exercise of the over-allotment option will be allocated and issued at a price of HKD 106.89 per H-share [1] - The Hong Kong Stock Exchange has approved the listing and trading of the over-allotment shares, which are expected to commence on February 13, 2026, at 9:00 AM [1]

Core Viewpoint - Company announced the full exercise of the over-allotment option involving a total of 9,883,500 H-shares, representing approximately 15.0% of the total shares available for subscription under the global offering before the exercise of the over-allotment option [1] Summary by Sections - **Over-allotment Option** - The overall coordinator, representing international underwriters, fully exercised the over-allotment option as of February 10, 2026 [1] - The total number of shares involved is 9,883,500 H-shares [1] - **Share Pricing and Fees** - The H-shares will be issued at a price of HKD 106.89 per share, which is the same as the offering price under the global offering, excluding various fees [1] - Fees include a 1% brokerage commission, a 0.0027% Securities and Futures Commission transaction levy, a 0.00565% Stock Exchange trading fee, and a 0.00015% Financial Reporting Council trading fee [1] - **Listing and Trading** - The Hong Kong Stock Exchange has approved the listing and trading of the over-allotment shares [1] - The over-allotment shares are expected to commence trading on the main board of the Stock Exchange at 9:00 AM on February 13, 2026 [1]

Core Viewpoint - The company, 澜起科技 (Lianqi Technology), announced the full exercise of the over-allotment option by the overall coordinator on February 10, 2026, involving a total of 9.8835 million H-shares, which represents approximately 15.0% of the total shares available for subscription under the global offering before the exercise of the over-allotment option [1] Group 1 - The over-allotment shares will be issued at a price of HKD 106.89 per H-share [1] - The over-allotment shares are intended to facilitate the delivery of a portion of H-shares to the underwriters, who have agreed to delay the delivery of the relevant H-shares subscribed under the global offering [1] - The Hong Kong Stock Exchange has approved the listing and trading of the over-allotment shares, which are expected to commence on February 13, 2026, at 9:00 AM [1]

Investment Rating - The report maintains a "Strong Buy" rating for the domestic computing power industry chain, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - The report emphasizes that AI inference is leading innovation, with a focus on demand-driven Opex-related areas, specifically storage, power, ASIC, and supernodes [2][28]. - It highlights the expected growth in the domestic storage industry, driven by new products from Yangtze Memory Technologies and Changxin Memory Technologies, alongside a rapid increase in demand for SSDs and HBM [2][29]. - The report anticipates a significant expansion year for storage production, suggesting investors pay close attention to the overall opportunities within the domestic storage industry chain [29]. - The power industry is also highlighted, with a focus on new technologies on both the supply and demand sides, including companies like Sanhua Group and Zhongfu Circuit [30]. - The ASIC segment is expected to see an increase in market share, with a focus on major CSP manufacturers [30]. - The report predicts an evolution in cabinet models, with growth in demand for high-speed interconnects, cabinet OEM, liquid cooling, and PCB [30]. Summary by Sections Market Review - The Shanghai Composite Index fell by 1.27%, while the Shenzhen Component Index dropped by 2.11%, and the overall Shenwan Electronics Index decreased by 5.23% [1][13]. - Year-to-date, the Shenwan Electronics Index has declined by 4.73%, ranking 14th out of 31 sectors [1][13]. Weekly Focus - Nvidia's upcoming Arm architecture-based N1X + N1 processor is discussed, indicating a strategic move into the AI PC and laptop market, competing directly with AMD and Intel [26][27]. - The report notes that Nvidia's new processors will utilize TSMC's 3nm process technology, enhancing performance while maintaining low power consumption [26][27]. Related Research - Previous reports have consistently highlighted the positive outlook for the domestic computing power industry chain, including price increases in semiconductor packaging and storage chips [4][6][5].